Oliver McMillan: Establishes Roots in Hawaii, Stimulates Economy and Creates Home Ownership Opportunity with revitalized Pacifica Project

Honolulu, Hawaii - December 16, 2009- OliverMcMillan is pleased to announce that Dan Nishikawa, an OliverMcMillan partner, has been named as Group President of OliverMcMillan Pacific Rim.
Dan Nishikawa has been actively working in Hawaii for the past 9 years and will lead the efforts of the firm throughout Hawaii and the Pacific Rim.
With the acquisition and start up of Pacifica, OliverMcMillan (OM) has the opportunity to pursue additional development projects in Hawaii.  The purchase of the lien on Moana Vista at 1009 Kapi`olani Blvd. provides the opportunity to not only enter the Hawaii real estate market but help resolve liens on the property and proceed with the completion of the condominium project.
OM will now design, upgrade and complete the 46-story condominium project, now called “Pacifica” and located in the heart of Kakaako, that has been stalled for well over a year. Construction is scheduled to resume in March 2010 and be completed in Summer 2011. This will be the largest new commercial construction project on Oahu.
OM will invest approximately $150M to finish the project. The project will create over 400 construction jobs and many direct and indirect jobs. OM will work in partnership with the construction labor union, Ledcor Construction, many local subcontractors and First Hawaiian Bank for construction financing and the buyers' home mortgages. OM has already invested over $36M to purchase the property, resolved the construction lien and paid Hawaiian Dredging in full so they could pay the unpaid subcontractors.
OM will give the previous buyers an exclusive priority opportunity to purchase a home at Pacifica as they have patiently awaited a new home in Kakaako. The temporary sales center is slated to open in January 15, 2010 and will be located on the ground floor of the Honolulu Design Center at 1250 Kapi`olani Blvd. 
“OliverMcMillan will deliver a substantially upgraded and superior project with Pacifica. The local community will also have the opportunity to purchase a new home in a prime high rise condominium tower at pricing substantially below the current market. This great opportunity is due to the circumstances of our acquisition of the property as well as the competitive construction environment,” said Dan Nishikawa, the newly appointed Group President, OliverMcMillan Pacific Rim.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office residential and hotel projects. OM brings strong banking and capital relationship to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law, architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to unique needs of the community, OM brings creative solutions to the complexities of developing urban and suburban places and destinations.
For additional information about the Pacifica project and OliverMcMillan, please visit
www.pacificahonolulu.com or www.olivermcmillan.com/hawaii.